Americans are becoming increasingly worried about housing costs, according to the Pew Research Center, with 69% of survey respondents reporting that they are “very concerned.” Nearly one-third of Americans were considered cost-burdened in 2023, meaning that they spent more than 30% of their household income on housing costs, and renters were especially strained. High mortgage rates, a dearth of new housing construction, demographic shifts, and urbanization all have a role to play in this issue.
Members of both political parties view housing affordability as a growing problem, and both presidential campaigns attempted to address the issue. While everyone seems to agree that the housing affordability crisis requires the attention of policymakers, the potential solutions are many and varied, and voters often disagree over the policies that should be prioritized.
There’s evidence that zoning reforms make an impact, but building codes remain an obstacle. About 60% of voters think rental property investors are a major contributor to rising home prices, but much of the evidence shows the effect has been minor.
Most voters support government funding for affordable housing but often disagree on how it should be spent. A recent Redfin survey showed that 82% of Americans support rent control despite overwhelming evidence that it decreases the supply and quality of rental housing and faces opposition from most economists and many housing organizations.
State and local ballot measures from this past election demonstrated voters’ concerns and highlighted their differences of opinion. Voters passed (and rejected) state and local ballot measures across the country that may impact real estate investors in some of the top…